Nifty 50 shares were mixed, trading across sectors throughout the day on Monday, with banking, automobile, energy and financial stocks rising and several IT, telecom and consumer-facing companies under selling pressure.
At around 10:30 am, Adani Enterprises, Axis Bank and Mahindra & Mahindra were among the top-performing Nifty 50 stocks. Infosys, Bharti Airtel and Asian Paints were among the biggest losers.
The divergent movement made clear that the rest of the world was in a more cautious mood and investors were keeping an eye on crude oil prices, global cues and geopolitical developments.
Top Nifty 50 gainers today
Adani Enterprises Ltd. led the market up 0.74% to ₹3,029.60.
Axis Bank Ltd. followed with a rise of 0.73 percent to ₹1,236.20. A private-sector lender followed Mahindra & Mahindra and Bajaj Finance, both of which rose 0.71 percent. M&M rose to ₹3,414.60 and Bajaj Finance to ₹1,097.
Energy and automobile stocks also remained strong. Oil & Natural Gas Corporation (ONGC) and Bajaj Auto rose 0.57% each to reach a high of ₹239.84 and ₹11,730.
Coal India rose 0.56 percent to ₹410.75, and NTPC rose 0.50 percent to ₹338.70.
Reliance Industries added 0.44 percent to ₹1,321.80 while Eternal Ltd. rose 0.11 percent to ₹318.35.
Top 10 Nifty 50 gainers at 10:30 am.
Company Price Change.
- Adani Enterprises ₹3,029.60 +0.74%.
- Axis Bank ₹1,236.20 +0.73%.
- Mahindra & Mahindra ₹3,414.60 +0.71%.
- Bajaj Finance ₹1,097.00 +0.71%.
- ONGC ₹239.84 +0.57%.
- Bajaj Auto ₹11,730.00 +0.57%.
- Coal India ₹410.75 +0.56%.
- NTPC ₹338.70 +0.50%.
- Reliance Industries ₹1,321.80 +0.44%.
- Eternal ₹318.35 +0.11%.
Infosys, Bharti Airtel among biggest Nifty losers
On the losing side, IT stocks were also under serious selling pressure.
Infosys Ltd. was the biggest loser among the stocks highlighted, falling 1.65% to ₹1,121.10.
Bharti Airtel followed with a fall of 1.44% to ₹1,940.90. The telecom major was followed by Asian Paints, which fell 1.37% to ₹2,650.60.
Jio Financial Services slipped 1.26% to ₹246.60, and Wipro fell 1.23% to ₹179.67.
Financial and aviation stocks were also among the laggards. Shriram Finance and InterGlobe Aviation also fell 1.20% each to ₹1,108.50 and ₹5,212, respectively.
IT stocks were also under pressure as Tech Mahindra fell 1.10 percent to ₹1,592.30 and HCL Technologies fell 0.94 percent to ₹1,312.60.
Hindalco Industries was at the bottom of the list of 10 biggest losers and fell 0.92 percent to ₹1,040.25.
Top 10 Nifty 50 losers at 10:30 am.
Company Price Change.
- Infosys ₹1,121.10 -1.65%.
- Bharti Airtel ₹1,940.90 -1.44%.
- Asian Paints ₹2,650.60 -1.37%.
- Jio Financial Services ₹246.60 -1.26%.
- Wipro ₹179.67 -1.23%.
- Shriram Finance ₹1,108.50 -1.20%.
- InterGlobe Aviation ₹5,212.00 -1.20%.
- Tech Mahindra ₹1,592.30 -1.10%.
- HCL Technologies ₹1,312.60 -0.94%.
- Hindalco Industries ₹1,040.25 -0.92%.
IT stocks are under pressure
The performance of the Nifty 50 stocks showed a clear divergence between sectors. Energy, automobile and a few financial stocks were at least slightly higher while a few IT companies were still under selling pressure.
Infosys had the steepest decline among the stocks discussed in this section, and Wipro, Tech Mahindra and HCL Technologies dropped lower also.
The weakness in IT stocks comes in a market environment that is still cautiously optimistic about global economic conditions, currency movements, interest rate expectations and demand outlook for tech services companies.
What investors should watch
The mixed movement among the heavyweights on Nifty 50 stocks indicates investors remain selective. There were some gains in companies like Adani Enterprises, Axis Bank, M&M, Bajaj Finance and Reliance Industries to keep the mood up, while losses in Infosys, Airtel and other important stocks had a negative effect on sentiment.
Investors will continue to monitor global market trends, crude oil prices, the exchange rate of the rupee-dollar exchange rate, and geopolitical developments for further direction.
Investors should also remember that intraday prices can change quickly and the figures mentioned above represent the market position around 10:30 am rather than the final closing prices.
The stock prices and the percentage changes mentioned in this article are based on the data of the intraday market data and are only for informational purposes. This is not investment advice. Investors should conduct their own research and consult a professional financial adviser before investing in the stock market.
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